Fido, an Africa-focused fintech startup, raised $30M in Series A funding.
The round was led by Fortissimo Capital with participation from Yard Ventures.
The company, which has raised $38 million thus far, intends to use the funds to launch new financial products in Ghana, grow its customer base throughout Africa, and establish a tech center in Accra to train engineers for higher levels of software development.
Led by Alon Eitan, CEO, Fido is a fintech company whose mission is to make essential financial services available to the unbanked. The company has built a credit risk platform that makes instant credit decisions without requiring the customer’s credit history. Its autonomous banking platform and unique machine learning-risk models, make instant credit decisions even for customers with no financial track record, while helping reduce operational costs. The autonomous banking system uses mission-critical, real-time machine learning models for risk scoring and fraud detection, based on non-financial data, to approve or reject a loan in real-time, and simultaneously deliver market-leading default rates.
Later this year, the company plans to launch savings and payment products in some of its markets. To support the launch of its new financial products, Fido will expand the tech team in Tel Aviv and open a tech hub in Accra to attract and develop local talent.
The company is led by a seasoned team of creative entrepreneurs and AI veterans, that include CEO Alon Eitan, CTO Guy Shaked, and CCO Kelvin Abdallah, who joined co-founder Nadav Topolski in mid-2021 to triple revenues over the past year. The company has grown to a team of 60 that includes data scientists, engineers, and financiers, while already having underwritten 1.5 million loans to more than 340,000 customers at a value of over $150 million.